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There were false statements of fact contained in a number of social media posts on Facebook and HardwareZone Forum, as well as an article on The Online Citizen website (collectively, the “Authors”) concerning the annual salary of Temasek Holdings (Private) Limited’s Executive Director and Chief Executive Officer (“Temasek CEO”).
Falsehoods
The Authors made various claims that the annual salary of Temasek CEO Ms Ho Ching is “NT$ 2.1 billion”, “about 100 million SGD” or “S$99 million a year”.
All of the above claims are false. Please refer to https://www.temasek.com.sg/en/news-and-views/news-room/statements/2020/temasek-compensation-framework.
Additional Clarifications
The Government does not set the remuneration of staff in Temasek; this is the responsibility of its Board and management. The Government holds the Board responsible for the long-term performance of its investments, net of expenses.
In the case of Temasek, its Board Committee, the Leadership Development and Compensation Committee (“LDCC”), is responsible for the establishment of guidelines and policies on performance measurement and compensation plans. In addition, remuneration of the Executive Directors of Temasek Holdings is approved by LDCC and endorsed by its Board.
Temasek’s remuneration framework balances reward for short-term performance and long-term value creation. This has been disclosed in Temasek’s Review since 2008. Temasek’s compensation is benchmarked to the industry and the compensation framework comprises a base salary, as well as short-term, medium-term and long-term incentives. Part of the bonuses are deferred and subject to clawback should Temasek’s returns be negative. Temasek has also publicly stated that Ms Ho Ching’s annual compensation is neither the highest within Temasek, nor is she amongst the top five highest paid executives in Temasek.
For more information on Temasek’s remuneration framework, please refer to https://www.temasekreview.com.sg/institution/instilling-ownership.html.
Falsehoods
The Authors made various claims that the annual salary of Temasek CEO Ms Ho Ching is “NT$ 2.1 billion”, “about 100 million SGD” or “S$99 million a year”.
All of the above claims are false. Please refer to https://www.temasek.com.sg/en/news-and-views/news-room/statements/2020/temasek-compensation-framework.
Additional Clarifications
The Government does not set the remuneration of staff in Temasek; this is the responsibility of its Board and management. The Government holds the Board responsible for the long-term performance of its investments, net of expenses.
In the case of Temasek, its Board Committee, the Leadership Development and Compensation Committee (“LDCC”), is responsible for the establishment of guidelines and policies on performance measurement and compensation plans. In addition, remuneration of the Executive Directors of Temasek Holdings is approved by LDCC and endorsed by its Board.
Temasek’s remuneration framework balances reward for short-term performance and long-term value creation. This has been disclosed in Temasek’s Review since 2008. Temasek’s compensation is benchmarked to the industry and the compensation framework comprises a base salary, as well as short-term, medium-term and long-term incentives. Part of the bonuses are deferred and subject to clawback should Temasek’s returns be negative. Temasek has also publicly stated that Ms Ho Ching’s annual compensation is neither the highest within Temasek, nor is she amongst the top five highest paid executives in Temasek.
For more information on Temasek’s remuneration framework, please refer to https://www.temasekreview.com.sg/institution/instilling-ownership.html.
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